Recent Financial News
  March 15, 2010
  Roth Conversion or Keep Traditional          IRA?  Converting Depends on Goals

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Is it better to keep my traditional IRA, or should I convert to a Roth IRA? The answer to convert depends on goals with regard to four indicators:

1. Current income tax results 2. Retirement income
3. Family wealth distribution, and 4. Tax timing

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Roth IRAs and the Coming Changes of 2010

A conversion is a big financial decision. In most cases, it means paying income taxes on the entire IRA balance to be converted*

And since the majority of conversions involve the transfer of funds from an investment product, the purchase of a fixed annuity through a conversion can be conducted only by individuals currently affiliated with a properly registered broker/dealer.     

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So why would anyone ever choose to convert a traditional IRA to a Roth IRA?

Like a traditional IRA, a Roth IRA accumulates on a tax-deferred basis. Unlike a traditional IRA, qualifying distributions from a Roth are federal income tax-free. And during the participant’s lifetime, no minimum distributions from the Roth IRA are required.

With the new rules that go into effect in January, 2010, taxpayers with incomes of more than $100,000 will be able to convert a traditional IRA into a Roth IRA. For conversion in 2010, the taxpayer will also have the option to defer the federal income tax liability for the conversion to 2011 and 2012.**  
       Read More About Roth Conversion